By 2030, the UAE (United Arab Emirates) is likely to experience a skilled labour gap worth USD 50 billion, making up 5% of the economy, according to Jonathan Holmes, country chair and managing director of Korn Ferry Middle East.

The Arabian Business reports that Holmes, who was speaking at the Arabian Business Forum, said the gap which constitutes 110,000 skilled labour, is a result of organisations focusing too heavily on technology as opposed to human labour.

“That’s not a number to be ignored,” Holmes said. “We would have $50 billion extra in the economy if we filled the gap. Organisations have a blinded view of technology, where they have been focusing too heavily on technology as a solution for business, whereas people will become more important and costlier if organisations don’t change that.”

While Holmes said businesses should not choose between technology and people, he emphasised that investing in human capital will continue to be as important as investing in technology. Holmes also added that businesses paying inflated salaries is not the ultimate solution.

He added that it is up to organisations and governments to look at the development of talent and human labour.